A large investor in Ethereum (ETH) who purchased $151.42 million during the market cycle bottom in September 2022 seems to be cashing in on some of their profits, as reported by Lookonchain, a digital asset tracker. Between September 3rd and September 7th, 2022, the investor withdrew 96,638 ETH from Coinbase at an average price of $1,567. In March, they deposited 15,000 ETH worth approximately $57.3 million to Kraken, and just recently, they sent an additional 5,000 ETH worth $15.4 million to the exchange. Despite these withdrawals, the investor still holds 76,638 ETH, which is currently valued at around $230.5 million. Overall, the investor has made a profit of nearly $152 million on their initial investment of $151.42 million in ETH, considering both realized and unrealized gains. It’s worth noting that the price of ETH is currently $3,005, and it has decreased by nearly 15% in the past week.
In other news, Justin Sun, the founder of Tron (TRX), withdrew 196 million USDT, the top stablecoin, from the crypto exchange HTX and deposited it into Binance. Back in February, Sun publicly disclosed that his HTX account held 28,613 Bitcoin (BTC), which was worth approximately $1.62 billion at the time. HTX is the new name for Huobi, a trading giant based in Seychelles, and Sun claims to be an “advisor” for the platform. It is unclear whether Sun has an actual ownership stake in HTX, but reports suggest that he has used a significant portion of his wealth to support the exchange. Sun shared his BTC holdings in response to critics who accused him of not actively using HTX.
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